Cattle prices dip
Ample supplies, lower American cash prices and a stronger Canadian dollar pushed fed cattle prices down late last week.
Canfax said more than 26,000 head were sold, up nine percent from the previous week and one of the heaviest movements ever in the agency’s report.
On May 15, steers sold for $83.60-$85.25 per hundredweight and heifers $80-$84.15, which was $2 to $4 lower than the previous week. Retail beef sales have been good in May, but fewer feature sales might mean weaker movement in the future.
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The increased slaughter has boosted the supply of hides and lowered the byproduct price.
Fed cattle prices are expected to slip, particularly if the dollar continues to rise. However, lighter average slaughter weights will cushion the drop, Canfax said.
The feeder market saw cattle and calf prices fall $1-$2 per cwt. The number on sale dropped 25 percent from the previous week, probably due to good seeding weather.
Hogs in short supply
High hog prices and a short supply of market-ready animals forced several U.S. meat packers to cut hours of operation this month.
The result was an Omaha cash market falling to $58 per cwt. May 16 after climbing to $61.50 earlier.
At Canada West Foods Corp. near Red Deer, Alta., railgrade bids for old-crop lambs were unchanged at $2.40 per pound, while bids for new-crop lambs increased to $2.60 a lb. from $2.55 the previous week.
Slaughter ewes were unchanged at $3.40 per lb. live. In Brandon, Man., market lambs 95-110 lb. were unchanged at $1.18 a lb. live.
